The EU should make member states running persistent trade surpluses within the euro area pay a penalty. The EU’s existing Macroeconomic Imbalance Procedure should be toughened by imposing a fine on surplus countries equivalent to 3 percent of the value of the surplus. At current levels of surpluses, this would result in an annual fine of roughly €4 billion for the Netherlands and €2 billion for Germany.
|Title of host publication
|Subtitle of host publication
|Philosophers Chart a Course for Europe
|Published - 2019